NFT DEFINED & A PROJECT ON NFT "NBA TOP SHOT".

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Though the blockchain is been around for over 10 years now, but it has never fallen short of surprises since it birth, but what really changed in the crypto world came with Ethereum in particular which gave rise to smart contracts, and with smart contracts, one can begin to create new types of applications, then came digital finance as well as non Fungible Tokens which gives the ability to sell digital collectibles. and like I said earlier things keeps getting interesting In the Blockchain world daily.

Ever heard of a 10 seconds video artwork that was sold for $6.6million or a short video clip of LeBron James which a fan paid $208,000 just to own, and these transactions are part of a new digital investment phase that has immensely exploded over the past year, and I'm guessing by now you're wondering what makes these assets that are based on the internet so valuable, and these I would throw more light on as you read.

Screenshot of the 10 seconds video artwork

LeBron James NFT that was sold

What is NFT

NFT is referred to as a cryptocurrency token that is indivisible and unique, and these digital assets are know as Non Fungible Tokens also known as NFTs, the blockchain technology allows these identities to be publicly authenticated, as well as serving as a digital signature to certify its owner as that it's an original work.

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NFTs can not be exchanged on a like for like basics, due to its uniqueness and contrary to Fungible assets like dollars or even bars of gold.

Let's take a look at an art collector and investor Pablo Rodriguez-fraile who bought a digital artwork by Beeple called "Crossroads" for $67,000 in October and turned it around for $6.6 million at the end of February, amazing turnaround I must say.
NFTs range not just from digital artwork but sport cards, digital environment, and even as digital memorabilia.
Twitter boss Jack Dorsey kept up for sale the first tweet ever, his own very tweet from 15 years ago(march 21 2006) which says "Just setting up my twttr" and it was sold for an equivalent of $2.9m which he donated to charity to fight poverty.

Jack Dorsey first ever Twitt that was sold

And like many other investment areas, with NFTs, there's the risk of major losses if the hype dies down. On openseas market place for NFTs, some monthly sales grew to $86.3 million in February, just a year ago sales were just around $1.5 million.
Digital collectibles sure give you the sense of ownership, but when it becomes time to sell or buy, you just go on the platform, click on which you want if you're buying, you just click away and you own the copy alone, you don't need any shipping cost and also if you're selling, you just accept from a particular bidder, receive payment, while you send the NFT to its new owner, and boom you're some couple of dollars richer.

An NFT project in Focus "NBA Top Shot"

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NBA Top Shot is the official blockchain application or I will refer to it as the newest digital assets from the NBA, think about it, a big sporting organisation such as NBA promoting the blockchain, the NBA Top Shot reached over $1 million in the beginning of the first month of its launch, and since the beginning of the year until now the NBA Top Shot is topping the charts of the NFTs collectibles.
The NBA Top Shot contains fascinating short videos from game moments, and each moment is an NFT, which is a non Fungible Token, giving you unique info as well as blockchain based guarantee.
A new era fitted with a silver sticker on it, you can take that sticker off so people know it's official, and other than the game there's also the name of player stats, season averages and so on.

NBA Top Shot is also an online marketplace where users can buy, sell and trade NBA highlights or moments in other words, and these moments are kinda like short clip videos like for example like Instagram reels(short videos), and these moments are owned by users in a unique number and these are made possible because of the presence of the blockchain technology, and due to blockchain's tech, we can keep track of transaction history of the asset or moments in this case, so highlights are basically sports cards in this sense, and instead of having just the player's statistics at the back of the card and the player's image in front of the card, you rather have a short video on this particular player, and as I stated at the beginning of this post one of LeBron James moments was sold for a whooping price of $208,000, now that's an NFT, but honestly not all individual players are like that, and we must bear in mind that such moments has its specific rank, such as "Common" "Rare" & "Legendary", and each of these rank has its worth in US dollars, take for instance, the worth of Legendary in USD is much higher than the "common" and the "Rare" rank.

Take for instance the Pokémon cards, they've been in existence for years, currently a particular Pokémon card is worth over $200,000, and it took Pokémon Network over 25 years to attain this value, while it took the NBA Top Shot a couple of months to attain theirs due to the excellent nature of the blockchain.
And in order to buy some of these NBA Top Shot cards, you either go through their website via packs or from the website's marketplace, the lowest price for a moment is around $16, while the high price range for a moment is around $200 to $50,000, and in order to purchase some moments of your choice, just go to their website which is www.nbatopshot.com/packs

In Conclusion

All the shots are licensed by the NBA, and developed by "DapperLabs*, which is a blockchain company that take 5% of all transactions, and DapperLabs are also the guys who created Cryptokitties.
And unlike buying a mere card, buying the top shots that are really expensive, gives you a status due to being able to buy a really expensive card and a moment in time, and not just being a card owner as well but to have a huge status symbol.

Take another instance, a person who got a new Toyota Camry car which is about $30,000 dollars as oppose to one who got a Lamborghini which is over $1 million, of a truth both can take you from point A to point B, but the Status is prestige is on a different level.

Cheers.